Best Unsecured Personal Loans in Singapore [March 2025]

• Est. EIR: 4.22% p.a.

• Loan amount: Dependent on the available balance on your Trust credit card

• Annual income: S$30,000

QUALIFICATIONS

Overview: 

Trust offers an exceptionally fast loan approval process, with funds deposited into your Trust savings account within 60 seconds. This makes it an ideal choice for those needing immediate access to funds. The user-friendly Trust App provides full control over loan management, allowing for easy tracking of instalments and outstanding balances.

Qualifications:

• Singaporean/PR

• Between 21 and 65 years old

• Have an annual income of at least S$30,000

• Must have a Trust credit card with sufficient credit limit

Available term lengths:

• 3 to 60 months

Fees and charges:

• Processing fee: $0

• Early repayment: 3% on outstanding principal amount

• Late fee: 0.77% daily interest on the unpaid principal of the instalment amount

PROS & CONS

Pros:

• Loan approval and disbursement in 60 seconds.

• Low interest rates.

• No processing or hidden fees.

• Flexible repayment terms.

• Easy loan management via the Trust App.

Cons:

• Requires a Trust Credit Card.

• Minimum annual income is not clearly stated.

• Percentage based termination fee.

DISCLAIMER

Disclaimer: 

Rates and terms are subject to individual credit assessment and bank approval.

Read our full review

• Est. EIR: 5.43% p.a.

• Loan amount: Minimum S$1,000

• Annual income: S$30,000

QUALIFICATIONS

Overview: 

UOB Personal Loan offers quick access to funds with instant approval for applications submitted during specified hours. The loan features competitive interest rates and waives processing fees, reducing upfront costs. Furthermore, borrowers can benefit from up to 2% cash rebates on approved loan amounts of S$15,000 or more with tenors of 3-5 years, making it a financially attractive option.

Qualifications:

• Singaporean or Permanent Resident

• Minimum 21 years of age

• Minimum annual income of S$30,000

Available term lengths:

• 1 to 5 years

Fees and charges:

• Processing fee: $0

• Early termination fee: S$150 or 3% of outstanding approved loan amount, whichever is higher

• Late fee: S$100

PROS & CONS

Pros:

• Instant loan approval and disbursement during specified hours.

• No processing fees.

• Cash rebates for qualifying loan amounts and tenors.

• Loan term ranging from 1 year to 5 years.

Cons:

• Cash rebate requires a loan amount of S$15,000 and minimum 36 month tenor.

• Hefty early termination and late fees.

DISCLAIMER

Disclaimer:

Rates and terms are subject to individual credit assessment and bank approval.

Read our full review

• Est. EIR: 4.43% p.a.

• Loan amount: Minimum S$500, up to 4x or 10x your monthly salary 

• Min. annual income: S$20,000

QUALIFICATIONS

Overview: 

The POSB Personal Loan offers a streamlined application process with instant approval and disbursement into your DBS/POSB account. It features personalised interest rates starting from 1.99% p.a., with a low minimum annual income requirement of S$20,000, making it accessible to a wider range of borrowers. The ability to borrow up to 4x or 10x your monthly salary, depending on your income, provides financial flexibility.

Qualifications:

• Singaporean or Permanent Resident

• Minimum 21 years of age

• Minimum annual income of S$20,000

• Must have an existing eligible DBS/POSB credit card and/or Cashline account.

• Must have an existing eligible DBS/POSB deposit account.

Available term lengths: 

• 6 months to maximum 5 years

Fees and charges:

• Processing fee: From 1% of the approved loan amount 

• Early repayment fee: S$250

• Late payment fee: S$100 (credit card), S$120 (Cashline)

PROS & CONS

Pros:

• Instant loan approval and disbursement into DBS/POSB accounts.

• Personalised low interest rates.

• Low minimum income requirement.

• High borrowing limits based on income.

Cons:

• Processing fee applies.

• Hefty early and late repayment fees.

• Requires existing DBS/POSB credit card/Cashline and deposit accounts.

DISCLAIMER

Disclaimer: 

Rates and terms are subject to individual credit assessment and bank approval.

Read our full review

• Est. EIR: 3.63% p.a. 

• Loan amount: Minimum S$1,000, Maximum 4x monthly salary (capped at S$250,000) 

• Min. annual income: S$30,000

QUALIFICATIONS

Overview: 

The Standard Chartered CashOne Personal Loan offers competitive interest rates with a low EIR, and boasts rapid loan approval and disbursement within 15 minutes. Borrowers can enjoy a waiver of processing fees and potential rewards, including cashback and gifts. The loan also includes a 5-year annual fee waiver on the Standard Chartered Platinum Visa credit card.

Qualifications:

• Singaporean, Permanent Resident, or Foreigner

• Minimum 22 years of age

• Minimum annual income of S$30,000

Available term lengths:

• 1 to 5 years

Fees and charges:

• Processing fee: $0

• First year annual fee: S$199 (waived for 2nd to 5th year if all installments are paid on time)

• Early repayment fee: The higher of S$150 or 3% of the outstanding principal

• Change of tenure: S$50 per change

• Late payment fee: S$100

PROS & CONS

Pros:

• Low EIR.

• Fast loan approval and disbursement.

• No processing fee.

• Potential rewards and cashback.

• Annual fee waiver on Standard Chartered Platinum Visa.

Cons:

• First-year annual fee.

• Early repayment fee.

• Change of tenure fee.

• EIR calculation does not include potential cashback or first year fee.

DISCLAIMER

Disclaimer: 

Rates and terms are subject to individual credit assessment and bank approval.

Read our full review

• Est. EIR: 4.91% p.a. 

• Loan amount: Minimum S$10,000, Maximum S$30,000 or 6x monthly income (whichever is lower) 

• Min. annual income: S$24,000 (main applicant), S$12,000 (joint applicant)

QUALIFICATIONS

Overview: 

The DBS Renovation Loan is designed to provide homeowners with the financial means to improve their properties. It stands out for its flexibility in joint applications, allowing family members to combine their incomes to qualify. The loan offers competitive interest rates and allows for a maximum loan amount of S$30,000, or 6x the borrower’s monthly income, whichever is lower.

Qualifications:

• Singaporean or Permanent Resident

• Minimum 21 years of age

• Property ownership by applicant or related family member (parent, spouse, child, or sibling)

• Main applicant: Minimum annual income of S$24,000

• Joint applicant: Minimum annual income of S$12,000 (parent, spouse, child, or sibling)

Available term lengths: 

• 1 to 5 years

Fees and charges:

• Processing fee: 2% of approved loan amount

• Insurance fee: 1% of approved loan amount

• Cancellation fee: 1% of approved loan amount

• Pre-payment fee: 1% of outstanding loan amount

• Late payment fee: S$35 per month

PROS & CONS

Pros:

• Joint applications with flexible income requirements.

• Maximum loan amount of S$30,000.

• Insurance premium included in the loan.

Cons:

• Multiple types of fees.

DISCLAIMER

Disclaimer: 

Rates and terms are subject to individual credit assessment and bank approval.

• Est. EIR: 5.67% p.a. 

• Loan amount: Minimum S$200, Maximum capped at total available credit limit 

• Min. annual income: S$20,000

QUALIFICATIONS

Overview: 

The GXS FlexiLoan provides a unique, flexible borrowing experience with a standby revolving credit line, allowing users to draw multiple loans as needed. With no fees, competitive interest rates, and in-app application and disbursement, it's designed for convenience and accessibility. Borrowers can customise their loan tenure and repayment date, and save on interest with early repayment with no fees.

Qualifications:

• Singaporean or Permanent Resident

• Minimum 21 years of age

• Minimum annual income of S$20,000

Available term lengths:

• 2 to 60 months (depending on loan amount)

Fees and charges:

• Processing fee: $0

• Early repayment fee: $0

• Late repayment fee: $0, however, interest will be charged on late repayments.

• Annual fees: $0

PROS & CONS

Pros:

• No fees of any kind.

• Flexible, revolving credit line.

• In-app application and fast disbursement.

• Customisable loan tenure and repayment date.

• Interest savings with early repayment.

• In-app repayment reminders.

Cons:

• Late interest charges apply.

DISCLAIMER

Disclaimer: 

Rates and terms are subject to individual credit assessment and bank approval.

Read our full review

What minimum annual income do I need? You need a minimum annual income ofS $30,000.

Why we like Trust: Trust offers an exceptionally fast loan approval process that can be completed in 60 seconds, complete with a user-friendly app.

>>MORE: Read our Trust Bank Instant Loan review

What minimum annual income do I need? You need a minimum annual income of S$30,000.

Why we like UOB: UOB Personal Loan provides fast access to funds with instant approval during specified hours, competitive interest rates, waived processing fees, and up to 2% cash rebates for larger loan amounts

>>MORE: Read our UOB Personal Loan review

What minimum annual income do I need? You need a minimum annual income of S$20,000.

Why we like POSB: POSB Personal Loan offers a streamlined application with instant approval and disbursement, personalised low interest rates, and flexible borrowing limits based on income, making it accessible to a broad range of applicants.

>>MORE: Read our POSB Personal Loan review

What minimum annual income do I need? You need a minimum annual income of S$30,000.

Why we like Standard Chartered: Standard Chartered CashOne offers competitive interest rates for debt consolidation, along with waived processing fees and a 5-year annual fee waiver on their Platinum Visa credit card, which makes for a compelling bundle.

>>MORE: Read our Standard Chartered CashOne Personal Loan review

What minimum annual income do I need? You need a minimum annual income of S$24,000 (main applicant), S$ (joint applicant)

Why we like DBS: DBS Renovation Loan empowers homeowners to transform their living spaces with its accommodating joint application process, enabling families to pool their financial resources, coupled with attractive interest rates and a generous loan cap.

What minimum annual income do I need? You need a minimum annual income of S$20,000.

Why we like GXS: GXS FlexiLoan allows users to take on multiple concurrent loans with its revolving credit line, offering unparalleled flexibility to draw funds on demand, all within a user-friendly app, and stands out with its completely fee-free structure.

>>MORE: Read our GXS FlexiLoan review

To get an unsecured personal loan in Singapore, you'll typically apply with a bank, financial institution, or online lender. Lenders will assess your eligibility based on factors like your credit score, income, employment history, and debt-to-asset ratio. If approved, you'll receive the loan funds in a lump sum, which you can use for various purposes.

Unsecured personal loans typically have fixed interest rates and repayment terms, meaning your monthly payments will remain the same throughout the loan tenure. Loan terms can range from one to seven years, depending on the lender and the loan amount.

Pros:

• No collateral required

• Quick approval process

• Flexible usage of funds

Cons:

• Higher interest rates compared to secured loans

• Approval depends heavily on your credit score

Before formally applying for an unsecured personal loan, it's wise to pre-qualify with multiple lenders to compare interest rates and loan terms. Pre-qualification involves providing basic information and typically doesn't affect your credit score.

Key eligibility criteria in Singapore include your income, employment status, and credit score. To improve your chances of loan approval, ensure you have a stable income, a good credit history, and a low debt-to-asset ratio. You can also improve your chances by providing a guarantor or joint applicant with a good credit score.

» Read more: Find out how you can pre-qualify for a personal loan

You can apply for unsecured personal loans through various sources, including banks, financial institutions, and online lenders. Some popular unsecured loan companies in Singapore include:

• POSB: Offers a variety of personal loan options with competitive interest rates.

• DBS: Provides flexible loan amounts and repayment terms.

• OCBC: Offers quick approval and online application processes.

• Standard Chartered: Provides personalised loan solutions and digital banking convenience.

» Read more: Everything you need to know about personal loans

Once your loan application is approved, you'll typically receive the funds within a few business days. The exact funding timeline may vary depending on the lender and the loan amount.

Unsecured personal loans typically have fixed monthly payments, making it easier to budget and plan your finances. Make sure to schedule your payments on time to avoid late fees and potential negative impacts on your credit score.

» Read more: Strategies for managing your personal loan

When it comes to unsecured personal loans, securing a favourable interest rate can significantly impact your repayment amount and overall financial well-being. Here are some tips to help you find the best rates in Singapore:

• Build a good credit score: Lenders typically offer the lowest interest rates for personal loans to borrowers with good credit scores. This demonstrates your creditworthiness and reduces the risk for the lender. You can check your credit score with the Credit Bureau of Singapore (CBS) and take steps to improve it if needed.

• Maintain a low debt-to-asset ratio: A low debt-to-asset ratio indicates that you have a healthy balance between your debts and assets. Lenders view this favorably and may offer you lower interest rates.

• Shop around and compare offers: Don't settle for the first loan offer you receive. Compare interest rates, fees, and loan terms from different lenders to find the best deal. You can use online comparison tools or consult with a financial advisor to help you find the most suitable loan.

• Consider a secured loan: If you have assets that you can use as collateral, such as a car or property, you might qualify for a secured loan with a lower interest rate than an unsecured loan. However, remember that you risk losing your collateral if you default on the loan.

• Negotiate with lenders: Don't be afraid to negotiate with lenders to see if they can offer you a lower interest rate or better loan terms.

» Read more: Things to look out for when applying for a personal loan

Even if you have a less-than-perfect credit score, you can still increase your chances of getting approved for an unsecured personal loan in Singapore. Here are some strategies to consider:

• Shop around and compare lenders: Different lenders have different eligibility criteria and risk appetites. Some lenders specialise in providing loans to borrowers with bad credit.

• Consider a joint applicant: If you have a family member or friend with a good credit score, applying for a joint loan can increase your chances of approval and potentially get you a better interest rate.

• Provide a guarantor: A guarantor agrees to repay the loan if you default, which can give lenders more confidence in approving your application.

• Improve your credit score: If you have time before you need the loan, focus on improving your credit score by paying your bills on time, reducing your debt, and avoiding unnecessary credit applications.

» Read more: Best loans in Singapore for bad credit

Unsecured personal loans can be a useful tool for consolidating high-interest debts, such as credit card balances, into a single loan with a lower interest rate. This can simplify your finances and help you pay off your debt faster.

» Read more: Best debt consolidation loans in Singapore

Whether you're renovating your kitchen, upgrading your bathroom, or simply giving your home a fresh coat of paint, an unsecured personal loan can provide the funds you need to make those improvements.

» Read more: Best renovation loans in Singapore

Unsecured personal loans can be used for a variety of other purposes, including:

• Medical expenses: Cover unexpected medical bills or treatments not fully covered by insurance.

• Car maintenance or repairs: Pay for car maintenance, repairs, or even a new vehicle.

• Moving out: Finance your relocation expenses, whether you're moving to a new home or a new city.

• Wedding: Cover the costs of your dream wedding, from the venue to the catering.

• Unexpected emergencies: Handle unexpected financial emergencies, such as job loss or an unexpected illness.

While unsecured personal loans can be a helpful financial tool, they're not the only option available. Depending on your needs and circumstances, you might want to consider alternatives such as:

• 0% Interest Credit Card: If you have good credit and need short-term financing, a 0% interest credit card can be a great option. These cards offer a promotional period with 0% interest on purchases or balance transfers, allowing you to save on interest costs. However, make sure you can pay off the balance before the promotional period ends to avoid high interest charges.

• Home Equity Loan: If you're a homeowner with sufficient equity in your property, a home equity loan can provide access to funds at a potentially lower interest rate than an unsecured personal loan. However, keep in mind that your home is used as collateral for the loan, so you risk losing your home if you default on the loan.

• Secured Loans: Secured loans require you to pledge an asset as collateral, such as a car or property. This can result in lower interest rates compared to unsecured loans, but it also means you risk losing your collateral if you can't repay the loan. Secured loans might be a better option if you need a larger loan amount or have a lower credit score, as the collateral provides security for the lender.

• Credit Lines: Credit lines, such as a personal line of credit or a business line of credit, offer revolving credit that you can access as needed. This can be helpful for ongoing expenses or unexpected financial needs. However, credit lines typically have variable interest rates, which can fluctuate over time.

• Balance Transfers: If you have high-interest credit card debt, a balance transfer can help you save on interest costs. You can transfer your existing balances to a new credit card with a lower interest rate or a 0% introductory rate. However, balance transfers may come with fees, and it's crucial to pay off the balance before the promotional period ends to avoid high interest charges.

In some cases, a secured loan might be a better option than an unsecured personal loan. If you have assets to use as collateral and are looking for a lower interest rate or a larger loan amount, a secured loan could be worth considering. However, it's crucial to remember that you risk losing your collateral if you default on the loan.